30th October 30, 2013

PHILIPPINE STOCK EXCHANGE, INC.

Tower One & Exchange Plaza
Ayala Triangle, Ayala Avenue
Makati City

Attention: MS. JANET A. ENCARNACION

Head Disclosure Department

Dear Ms. Encarnacion,

We submit herewith a copy of Philex Petroleum Corporations press release on its Financial
and Operating Highlights for the nine months ended September 30, 2013.

Very truly yours,

CARLO S. PABLO
President & Chief Operating Officer



30thOctober2013

PRESSRELEASE


FINANCIALANDOPERATINGHIGHLIGHTS
FORTHENINE(9)MONTHSENDED30thSEPTEMBER2013

PhilexPetroleumCorporation(PhilexPetroleumortheCompany)incurredanetlossofP190.2
millionfortheninemonthsended30thSeptember2013,comparedwithanetlossofP131.9million
forthesameperiodin2012.Theincreaseinnetlosswasmainlyduetoforeigncurrencyconversion
losses on the Companys dollar denominated advances from Philex Mining Corporation, closure
costs of Brixton Energy and Mining Corporation, increased general and administrative expenses
related to Pitkin Petroleum Plc (Pitkin), and partly offset by the gain on sale of Pitkins Vietnam
asset.

Brixton Energy and Mining Corporation, a whollyowned subsidiary, suspended its underground
operationsinJanuary2013andexpectstocompletetheclosureofitscoalmineinthefirstquarter
of2014.

TheDepartmentofEnergyawardedServiceContractNo.74(SC74)effectiveAugust13,2013,tothe
consortium of Pitkin and Philodrill Corporation. SC 74 covers Area 5 Northwest Palawan block
offeredinthe4thPhilippineEnergyContractingRound.

On July 16, 2013, Pitkin completed the sale of all its interests in Vietnam American Exploration
CompanyLLC,aDelawarecompany,foratotalcashconsiderationofapproximatelyP2.1billion.As
aresultofthistransaction,theCompanyrecordedagainonsaleofP213.1million.

TheEnvironmentalImpactStudytodrillupto10explorationand10appraisalwellsinPeruBlockZ
38,inwhichPitkinholdsa25%interest,wasapprovedonJune19,2013.Startofdrillingofatleast
twowellsiscurrentlyexpectedtocommencemid2014.

On April 5, 2013 the Company increased its shareholding in Pitkin from 18.46% to 50.28%. The
additional interest was acquired by the purchase of both new and existing shares at a price of
US$0.75pershareforatotalconsiderationofUS$34.80million(P1.43billion).

In February 2013, the Department of Energy announced that the bid group of Philex Petroleum
(Operator), PNOC Exploration Corporation, and PetroEnergy had won the bidding for Area 4
Northwest Palawan block offered in the 4th Philippine Energy Contracting Round. The Service
ContractforArea4isstillsubjecttosignaturebytheDepartmentofEnergyandthejointventure
partners.

In January 2013, the Department of Energy granted a two year extension to August 2015 to
complete the exploration work program for the Second Exploration SubPhase of Service Contract
72RectoBank(SC72).ForumEnergyPlchasa70%interestinSC72.


AboutPhilexPetroleumCorporation

PhilexPetroleumCorporationisanupstreamoilandgascompanyincorporatedinthePhilippineswhose
sharesarelistedonthePhilippineStockExchange.TheCompanydirectlyandindirectlyownsoilandgas
exploration and production assets located in the Philippines, and indirectly owns exploration assets
locatedinPeru.


Forfurtherinformation,pleasecontact:

MarkH.Rilles
FinanceManager
PhilexPetroleumCorporation
Telephone:(632)6311381
Email:mhrilles@philexpetroleum.com.ph

 PHILEX PETROLEUM CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)

September 30 December 31
2013 2012
ASSETS (UNAUDITED) (AUDITED)
Current Assets
Cash and cash equivalents P 2,902,478 P 284,017
Accounts receivable - net 212,252 102,164
Inventories - net 26,348 140,881
Other current assets -net 23,206 26,769
Total Current Assets 3,164,284 553,831

Noncurrent Assets
Available-for-sale (AFS) financial assets - 1,399,670
Property, Plant and Equipment - net 153,895 124,205
Goodwill 1,208,020 258,593
Deferred exploration costs and other noncurrent assets - net 4,874,998 858,840
Total Noncurrent Assets 6,236,913 2,641,308
TOTAL ASSETS P 9,401,197 P 3,195,139

LIABILITIES AND EQUITY

Current Liabilities
Current portion of long-term loan P 678,099 P 615,750
Short-term bank loans - 350,000
Accounts payable and accrued liabilities 116,636 87,026
Advances from related parties 2,838,704 1,021,138
Income tax payable 7,485 22,957
Provision for losses 44,757 41,050
Total Current Liabilities 3,685,681 2,137,921

Noncurrent Liabilities
Provision for losses 171,632 171,631
Deferred income tax liabilities - net 1,030,206 97,599
Provision for rehabilitation and decommissioning costs 833 833
Non-current portion of long-term loan 50,841 -
Other liabilities 13,368 -
Total Noncurrent Liabilities 1,266,880 270,063
Total Liabilities 4,952,561 2,407,984
Equity
Capital Stock - P1 par value 1,700,000 1,700,000
Equity reserves 39,635 (123)
Deficit (1,023,154) (819,162)
Net unrealized gain (loss) on AFS financial assets - (30,485)
Cumulative translation adjustment on foreign subsidiaries 16,362 (163,617)
732,843 686,613
Non-controlling Interests 3,715,793 100,542
Total equity 4,448,636 787,155
TOTAL LIABILITIES AND EQUITY P 9,401,197 P 3,195,139
 PHILEX PETROLEUM CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, except Earnings or Loss Per Share)

Nine Months Ended September 30

2013 2012
REVENUE
Petroleum P 153,590 P 120,304
Coal 2,831 34,069
156,421 154,373
COSTS AND EXPENSES
Petroleum production costs 94,968 93,583
Cost of coal sales 3,359 23,857
General and administrative expenses 260,672 138,082
Mine product royalties 268 337
359,267 255,859
OTHER INCOME (CHARGES)
Gain on sale of assets - net 215,143 -
Provision for impairment of assets (135,080) (14,744)
Foreign exchange gain (loss) (115,539) 16,756
Gain on reversal of impairment loss 34,739 -
Interest expense - net (29,043) (25,449)
Dividend income - 2,823
Others 853 (421)
(28,927) (21,035)

LOSS BEFORE TAX (231,773) (122,521)

PROVISION FOR INCOME TAX
Current - 126
Deferred (41,563) 9,203
(41,563) 9,329

NET LOSS (P 190,210) (P 131,850)

Net Income (Loss) Attributable to:

Equity holders of the Parent Company (P 203,992) (P 67,823)
Non-controlling interests 13,782 (64,027)
(P 190,210) (P 131,850)

BASIC/DILUTED EARNINGS (LOSS) PER SHARE (P 0.1200) (P 0.0399)